From 1 Sep 2018, OCBC Voyage will no longer offer cardmembers 500000 miles upon payment of the $10000 annual fee. To recap, the current options are as follows:
Hence, one could in fact purchase half a million miles for 2 cents each, which is an amazing value.
However, with this new development, OCBC Voyage cardmembers can only receive up to 150000 miles upon payment of the $3210 annual fee, which works out to be just over 21 cents each.
This is a latest in a spate of recent changes in the terms and conditions relating to the accrual of miles from credit card spending. It seems that the issuing banks may have to recalibrate certain promotions in order to keep the awarding of miles in check. Only time will tell if further changes of this nature are in the pipeline.
Full terms and conditions can be found here.